All Business Articles – Page 6
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NewsDHL Group reveals new strategy to drive revenue growth
Source: DHLThe DHL Group is aiming to grow revenue by 50% by 2030 through a series of initiatives across its various divisions.The company said its plan to grow its revenues compared with 2023 levels was based on the current complex and volatile market conditions that had resulted in companies actively ...
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Seko responds to market pressure with recapitalisation
US forwarding and logistics firm Seko Logistics has recapitalised to strengthen its financial position and allow for future investments.The company said it had successfully entered into a definitive agreement on a transaction with its key financial partners, although it has not outlined the exact details of the refinancing.The agreement is ...
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CVC offers to increase bid for DB Schenker
The private equity consortium led by CVC has reportedly launched a last-ditch effort to beat DSV in the race to buy DB Schenker despite the Danish forwarder having signed a €14.3bn take over deal last week.News agencies Reuters and Bloomberg are both reporting that CVC has written to Schenker parent ...
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S&P revises DSV's A- rating outlook to negative following Schenker deal
Credit ratings agency S&P has re-affirmed the forwarder's current credit rating of A- but revised its outlook to negative due to the risks associated with its planned €14.3bn take over of German logistics giant DB Schenker.S&P said that its decision to revise the firm's outlook from stable to negative reflects ...
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NewsDSV signs deal to takeover DB Schenker and create world's largest forwarder
DSV has confirmed reports that it has signed a deal to take over German logistics giant DB Schenker in a move that will create the world's largest freight forwarder.In an update issued this morning, the Danish forwarder said it had agreed to buy DB Schenker from state-owned railway firm Deutsch ...
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Cathay ends Covid financial ties with government
Hong Kong-based Cathay Pacific Airways has completed the buyback of all of the warrants it had issued to the Hong Kong SAR (HKSAR) Government in 2020 as part of its pandemic-induced recapitalisation.The total consideration paid for the warrants buyback was about HK$1.53bn. On July 31, Cathay redeemed the remaining 50% ...
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NewsGovernment urged to act on "alarming" Air Canada strike threat
A group of business organisations have urged Canada’s federal government to take action to avoid an Air Canada strike that would hit cargo operations and “significantly disrupt Canada’s supply chain”. In a letter to Steven MacKinnon, Minister of Labour and Seniors, the organisations said that the potential for labour disruption ...
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NewsUPS grows healthcare logistics capabilities with acquisitions
Photo: UPS UPS has struck a deal to grow its healthcare logistics capabilities with the acquisition of Germany-based Frigo-Trans and its sister company BPL. Once completed, the acquisitions will boost end-to-end temperature-sensitive and time-critical logistics services throughout Europe, said the US-headquartered company. “The fast-paced innovation in the ...
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Reports: DSV outlines job and investment plans if it lands DB Schenker
DSV has reportedly outlined how it would protect jobs and invest in DB Schenker following a leading German union expressing concern over job losses if the Danish forwarder is successful in its takeover bid.Last week German trade union Ver.di is said to have written to the Deutsche Bahn board suggesting ...
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Canada joins the US in implementing stricter requirements for European air cargo shipments
Canada has joined the US in the sudden implementation of stricter security requirements for Europe- and CIS-based air cargo shippers importing goods into the country. Following the announcement of the new requirements, Air Canada Cargo warned shippers that they face an embargo unless they can meet the new requirements. The ...
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NewsScan Global seals deal for Blu Logistics Brasil
Scan-Global-Logisitcs.jpg Photo Scan Global Logistics Scan Global Logistics (SGL) has completed the acquisition of freight forwarder Blu Logistics Brasil Transportes Internacionais LTDA to extend its business in Latin America. The Danish forwarder announced in July that it had signed an agreement to buy the forwarder, which last ...
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NewsDP World acquires Cargo Services Far East
Photo: DP WorldDP World has completed the acquisition of Hong Kong-headquartered Cargo Services Far East Ltd to expand into retail and fashion logistics and grow its airfreight business.Logistics service provider, Cargo Services employs over 2,500 people in Greater China and across Asia, Europe, South Africa and the US.Founded in 1989, ...
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Leading German union backs CVC bid for DB Schenker
Leading German trade union Ver.di has reportedly given its backing to the CVC-led private equity consortium bidding to take over DB Schenker over fears of job losses should DSV be successful.According to Bloomberg, research from the union has indicated that more jobs would be lost at the forwarder because the ...
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InsightsWhy the EU-China tariff tensions are more than just a trade dispute
Mike Parra. Photo: DHLTariff tension between the European Union and China has flared up again, but global trade needs to be protected during any negotiations to safeguard economic growth amongst other reasons.Europe and China find themselves once again in the midst of a tariff dispute. This is not the first ...
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Reports: DSV and CVC bid €14bn for DB Schenker
DSV and a private equity consortium led by CVC have reportedly individually put in binding bids of around €14bn for DB Schenker.This is according to people familiar with the matter, Bloomberg has reported as the race to buy Deutsche Bahn’s freight forwarding subsidiary has narrowed to just the two bidders ...
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Alaska promises Hawaiian a warm welcome as merger clears hurdle
Alaska Airlines’ acquisition of Hawaiian Airlines has cleared a major hurdle after the Seattle-based carrier said on August 20 that the time period for the US Department of Justice to review the $1.9bn deal had expired, and no objections appeared to have been made.A US judge had earlier this month ...
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Freightos acquires Shipsta
Online booking and rate firm Freightos has acquired multimodal tender procurement platform Shipsta to expand its spot pricing, quoting, and booking capabilities.Headquartered in Luxembourg, Shipsta supports companies' freight procurement by streamlining tender management and procurement processes across air, ocean, road, and rail, enabling companies to solicit tenders from freight forwarders ...
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NewsCargojet invests in more 767s as Q2 revenue climbs 10%
Cargojet has affirmed its focus on growing 767 freighter operations with the acquisition of two more passenger aircraft for future conversion.The Canadian cargo airline confirmed it had two 767s currently undergoing conversion, but said it had also invested in two more of the type."Cargojet currently has two B767 passenger-to-freighter conversions ...
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Hyundai Glovis confirms Asiana cargo stake
Hyundai Glovis has confirmed it will invest in a consortium led by Air Incheon as part of plans to acquire Asiana Airlines’ cargo business.Earlier this month, Republic of Korea (ROK)-based logistics company Hyundai Glovis said it was considering investing in an acquisition consortium set up by Air Incheon after the ...
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NewsEtihad cargo revenue up 10% in first half
Photo: EtihadEtihad Airways' cargo revenue increased by approximately 10% in the first half of this year compared to the same period of 2023.The Abu Dhabi-headquartered airline's cargo revenue was AED1.9bn ($507m) compared to AED1.7bn ($462) year on year.The increase in revenue was "primarily driven by increased demand and increased belly ...